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May 31, 2022
Greenbrier Q3 2022 Earnings Report
Greenbrier's operating results were strong, with lease fleet utilization and manufacturing production remaining robust in North America, offset by inflation and the war in Ukraine.
Key Takeaways
Greenbrier reported net earnings of $3.1 million, or $0.09 per diluted share, on revenue of $794 million. The company's new railcar backlog reached its highest value in six years at $3.6 billion, and lease fleet utilization remained high at 98%.
New railcar orders totaled 5,000 units valued at $670 million, with deliveries of 5,200 units, resulting in a book-to-bill of nearly 1.0x.
The new railcar backlog as of May 31, 2022, was 30,900 units, valued at $3.6 billion.
Lease fleet utilization was maintained at 98%.
Quarter end liquidity of $535 million, including $450 million in cash.
Forward Guidance
Based on current business trends and production schedules for fiscal 2022, Greenbrier expects deliveries of 18,500 – 19,500 units, Selling & administrative expense to be $210 - $215 million and Capital expenditures will be approximately $310 million in Leasing & Management Services, $50 million in Manufacturing and $10 million in Maintenance Services.
Positive Outlook
- Deliveries of 18,500 – 19,500 units including approximately 1,500 units in Greenbrier-Maxion (Brazil).
Challenges Ahead
- Selling & administrative expense to be $210 - $215 million.
- Capital expenditures will be approximately $310 million in Leasing & Management Services, $50 million in Manufacturing and $10 million in Maintenance Services.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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